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New Dublin bullion firm's virus gold-rush

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'Before the crisis, gold was selling for about €1,340 an ounce. It is currently at €1,400 but has peaked at over €1,550 in recent weeks'. (stock picture)

'Before the crisis, gold was selling for about €1,340 an ounce. It is currently at €1,400 but has peaked at over €1,550 in recent weeks'. (stock picture)

'Before the crisis, gold was selling for about €1,340 an ounce. It is currently at €1,400 but has peaked at over €1,550 in recent weeks'. (stock picture)

A new Dublin-based bullion seller has shifted over 25 kilos of gold - close to its annual target - in its first three weeks of business.

Core Bullion founder Nigel Doolin said his timing to open the Francis Street physical gold-selling business "could not have been better." It had seen a rush of nervous investors buying into the precious metal as the global pandemic took hold.

"We've exceeded anything that we thought we would do. We're just over 70pc of our yearly target in our first three weeks," said Doolin, who has been dealing in gold for a decade and was previously head of trading with Merrion Gold, a business he headed up from inception seven years ago.

He told the Sunday Independent that a wide range of Irish-based investors - from experienced punters looking to make a return as the gold price rises, to multinational expats looking to protect their high earnings - had spent more than €2m on Core's gold bars.

Before the crisis, gold was selling for about €1,340 an ounce. It is currently at €1,400 but has peaked at over €1,550 in recent weeks, its highest rate ever, said Doolin.

He claimed it was "very important" for gold investors to buy physical gold rather than bonds or shares linked to gold: "If an institution or a government collapses, so does your piece of paper."

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